# Subsample Mediation: Z → CA With/Without Trilemma Controls

| Variable | Eurozone: Z | Eurozone: Z+Tri | OECD Float: Z | OECD Float: Z+Tri | Non-OECD: Z | Non-OECD: Z+Tri |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | -172.3511*** | -170.9535*** | 20.5620 | 5.6108 | -0.6575 | -11.6966 |
| | (37.1106) | (40.7916) | (42.3032) | (48.7175) | (16.1846) | (14.2137) |
| Z_2 | 22.1624*** | 21.7449*** | -3.5120 | -1.3353 | 1.6003 | 3.6811 |
| | (4.8008) | (5.3026) | (5.6480) | (6.5747) | (2.5160) | (2.2535) |
| Z_3 | -0.8015*** | -0.7720*** | 0.1577 | 0.0723 | -0.1075 | -0.2024** |
| | (0.1774) | (0.1976) | (0.2108) | (0.2475) | (0.1052) | (0.0956) |
| fiscal_bal_gdp | -0.0714 | -0.1041 | 0.2736*** | 0.2228*** | 0.3824*** | 0.4094*** |
| | (0.0660) | (0.0676) | (0.0435) | (0.0493) | (0.0334) | (0.0432) |
| nfa_gdp_lag | 1.3777** | 0.9029 | -0.1522 | -0.6395** | 0.8102*** | -0.0280 |
| | (0.6839) | (0.7019) | (0.3321) | (0.3161) | (0.2592) | (0.2904) |
| rgdp_growth | 0.1220*** | 0.1509*** | -0.1502*** | -0.1631*** | 0.1869*** | 0.2562*** |
| | (0.0381) | (0.0477) | (0.0319) | (0.0405) | (0.0195) | (0.0260) |
| mi_index | | 1.0945 | | -0.5598 | | -0.4658 |
| | | (1.4897) | | (0.7991) | | (1.2301) |
| ers_index | | 0.1467 | | 2.2838** | | -0.3483 |
| | | (2.4159) | | (1.0311) | | (0.8122) |
|:---|---:|---:|---:|---:|---:|---:|
| N | 437 | 348 | 542 | 414 | 4918 | 3159 |
| R² | 0.2291 | 0.2390 | 0.3077 | 0.2299 | 0.1034 | 0.1124 |
| Countries | 19 | 18 | 21 | 19 | 152 | 114 |

*Panel GLS with country and year fixed effects. Each subsample tested with and without MI/ERS controls. Attenuation indicates trilemma mediation strength.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*